Printer Friendly

FIRST FINANCIAL CARIBBEAN COMPLETES ACQUISITION OF CATANO FEDERAL SAVINGS

 SAN JUAN, Puerto Rico, Sept. 10 /PRNewswire/ -- First Financial Caribbean Corporation (NASDAQ-NMS: FRCC) today announced it has completed the acquisition of Catano Federal Savings Bank. The institution has been renamed Doral Federal Savings Bank.
 The transaction combines the resources of First Financial Caribbean, Puerto Rico's leading mortgage banker, and Catano Federal, a $12 million-asset savings association.
 Salomon Levis, chairman and chief executive officer of First Financial Caribbean, said, "The completion of the Catano Federal acquisition is an important step in our goal to diversify the company's financial services and product offerings. Operation of the newly- renamed Doral Federal provides us with a source of consumer deposits and an attractive customer base on which to build First Financial's business."
 First Financial Caribbean Corporation, through its two operating units, HF Mortgage Bankers and Doral Mortgage Corporation, is Puerto Rico's leading mortgage banker. The company, with 17 offices throughout Puerto Rico and one office in Orlando, Fla., engages in the origination, sale and servicing of mortgage loans.
 Catano Federal Savings Bank, with a single branch in the northern Puerto Rico town of Catano, had approximately $8 million in deposits at Aug. 31, 1993.
 -0- 9/10/93
 /CONTACT: Michele Katz or Jeff Majtyka of Morgen-Walke Associates, 212-850-5600/
 (FRCC)


CO: First Financial Caribbean Corporation ST: IN: FIN SU: TNM

SM -- NY056 -- 0828 09/10/93 15:02 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 10, 1993
Words:224
Previous Article:AIR EXPRESS INTERNATIONAL CORPORATION ANNOUNCES QUARTERLY CASH DIVIDEND
Next Article:ADVANCED MATERIALS GROUP Q3 RESULTS
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters